Servicing

Mortgage servicers teeter near crisis that regulators saw coming

04/03/20

Nonbank financial firms spent years lobbying against tougher regulation and stricter capital requirements, arguing they didn't pose a risk to the financial system. Now, many of those companies say they are in desperate need of a bailout.

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Bank of America lets 50,000 mortgage borrowers skip payments

04/01/20

Bank of America said it has agreed to allow 50,000 mortgage customers to defer payments for three months because they've lost income as a result of the pandemic.

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CFPB urged to take more active role in coronavirus response

03/30/20

The agency has relaxed some reporting requirements and joined other regulators in encouraging banks to help borrowers, but pressure is building on the bureau to do more to aid consumers suffering financial hardship.

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Lenders tighten underwriting standards; coronavirus death on Wall Street

03/30/20

Banks and fintechs are not taking undue risks in lending to new customers; Jefferies CFO Peg Broadbent succumbs to the disease at age 56.

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Is mortgage industry equipped to implement Washington's forbearance plan?

03/29/20

Homeowners reeling from coronavirus-induced economic shock are already enduring extremely long wait times while trying to get relief. Legislation passed last week could worsen the logjams.

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Coronavirus response, ransomware, telecommuting trials: Top stories of the week

03/27/20

What banks need to know about the coronavirus stimulus package; tech vendor Finastra hit with ransomware attack; bank CIOs confront challenge of so many employees working at home; and more from this week's most-read stories.

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Corbat urges caution; Goldman donates masks

03/27/20

Citigroup CEO says it’s a “fine line” between supporting customers and burdening them with debt; Goldman gives away 600,000 N95 masks it had from prior scares.

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April wave of missed payments could upend mortgage servicers

03/24/20

With economists fearing high unemployment stemming from the pandemic, the housing finance system is grappling with how it will recoup lost revenue from delinquencies, forbearance plans and other tremors.

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Virus scare creates perfect storm for mortgage lenders

03/19/20

Refinancing activity is surging, existing borrowers are inquiring about loan modifications, loan closings are being delayed by more complex credit checks — and banks are short on people to handle it all.

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Coronavirus testing loan servicers’ mettle

03/17/20

The pandemic has upended staffing plans, sparked concerns about servicers’ capacity to handle the expected crush of missed payments, and even raised questions about their ability to stay afloat.

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